MC IV AfriShell Ltd (FMO-65710)

Countries
  • Burkina Faso
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 16, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Coris Holding
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 11.87 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 10
Converted using 2025-09-16 exchange rate.
Project Cost (USD)
$ 121.09 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 102
Converted using 2025-09-16 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Dec 18, 2025

Disclosed by Bank Nov 27, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, FMO co-invests EUR 10m as part of a broader consortium led by our long-standing partner Mediterrania Capital Partners ("MCP"). The consortium - consisting of MCP, FMO, BII, BIO, and IFU - invests a total of EUR 102m to support Coris' growth and expansion plans, enhancing financial inclusion, job creation, and economic growth in frontier markets.

Coris' strong fundamentals, regional footprint, and SME focus present a compelling opportunity to enhance financial inclusion in some of the fastest growing and most underserved markets in West Africa. The investment supports Coris's strategic ambition to evolve from a regional player into a Pan-African banking group. FMO's investment will be used to recapitalize key subsidiaries, meet new regulatory capital thresholds, and finance selective expansion into new markets. The investment qualifies as 100% for FMO's Reducing Inequalities label, given that 83% of the Group's balance sheet is exposed to Least Developed Countries (LDCs).

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Environmental & Social (E&S) Category is A (which is similar to FI-A category of IFC standards for financial institutions) due to Coris' exposure to high-risk sectors, such as extractives, manufacturing, and construction. Key risks include contextual risks in the countries of operation as well as gaps in E&S governance and management, including E&S due diligence and monitoring practices. These are mitigated through a comprehensive Environmental and Social Action Plan, capacity building, and governance improvements. The bank complies with FMO's exclusion list and has developed an Environmental and Social Management System (ESMS), which is being upgraded to meet EDFI standards.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Total FMO financing: EUR 10.00 MLN

Funding: FMO NV

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Founded in 2013, Coris Holding is a leading banking group in the West African Economic and Monetary Union (“WAEMU”) region. The Group operates under the Coris Bank International brand and has grown into the second-largest banking institution in the region, with 10 subsidiaries across Burkina Faso, Côte d’Ivoire, Senegal, Togo, Benin, Mali, Guinea, Chad, Niger, and Guinea Bissau. Coris offers a wide range of products and services to individuals, SMEs), and corporates. The Group services its clients through an extensive network of agents, branches, and ATMs spread across its countries of operations, enabling end-clients to access finance.

The consortium - consisting of MCP, FMO, BII, BIO, and IFU - is led by Mediterrania Capital Partners (“MCP”).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Coris Holding SA Investor -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works